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| - The Spanish economy contracted by 5.2 percent in the first quarter, provisional figures by national statistics agency INE showed on Thursday, as a coronavirus lockdown imposed in mid-March paralysed businesses. By comparison, Spain's gross domestic product had expanded by 0.4 percent in the final quarter of 2019 due mainly to a strong export performance. The statistics office warned that its growth estimate for the first quarter could be "revised more significantly than usual" due to difficulties in gathering precise statistics during the lockdown. Spain -- the eurozone's fourth largest economy -- has consistently outperformed much of Europe since it emerged from a five-year slump in 2013, having expanded by 2.0 percent last year. But the Bank of Spain warned last week that the country's economic contraction this year would be "unprecedented in recent history", estimating GDP would slump by between 6.6 percent and 13.6 percent depending on how long the lockdown lasts. The International Monetary Fund (IMF) estimates the Spanish economy will shrink by 8.0 percent in 2020. "We are facing a very serious economic and social situation," Prime Minister Pedro Sanchez had said during a debate in parliament on Wednesday. Spain, one of the hardest-hit nations by the coronavirus pandemic, imposed a nationwide lockdown on March 14. Many companies have faced difficulties in continuing to operate or have been forced to close temporarily, with hotels and the restaurant sector hit especially hard in the world's second most visited country after France. Vehicle production in Spain, Europe's biggest car manufacturer after Germany, plunged by 45 percent in March as factories closed as part of the lockdown. Spain's second-largest bank BBVA warned Wednesday that a recession is "inevitable" this year in the country. "And the rebound in 2021 will be insufficient to recover all that will be lost during the crisis," the report said. "This recovery will be limited by the destruction of jobs and the exposure of the economy to sectors which are especially affected by restrictions on movement and social distancing," it added. The tourism sector accounts for 12 percent of gross domestic product and 13 percent of employment, but it looks set to lose up to 60 percent of its annual income as a result of the lockdown according to the Exceltur tourism association. Vehicle manufacturing association Anfac predicted Thursday that car sales in Spain will plunge bt 40-45 percent in 2020, underscoring the hit which the economy is taking. The lockdown has caused the jobless rate to jump to 14.4 percent in the first quarter from 13.8 percent in the previous quarter, according to INE figures released Tuesday. The IMF predicts the jobless rate will rise to 20.8 by the end of the year. The government on Wednesday unveiled a plan to gradually begin easing the lockdown in four phases that should be completed by the end of June. emi/ds/mg
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